New proposals geared towards helping first-time buyers get on the property ladder are reportedly being considered by the Treasury.
According to reports, Whitehall are considering imposing tougher purchasing restrictions on overseas buyers, in a bid to help first-time homeowners onto the ladder in increasingly expensive and popular locations such as the City of London.
The Telegraph has said that the news comes after a Whitehall source remarked that there was an “issue” in London with “a large proportion of new-build flats being purchased off-plan by particularly Far Eastern buyers – China, Hong Kong, Singapore, Malaysia.”
They said: “They are bought when the flats are still under construction, meaning first-time buyers don’t get a look in.
“That is not just in central London, but in the suburbs and other cities such as Manchester.”
The proposed policy is expected to be officially unveiled “within weeks” ahead of the Conservative Party’s conference next month, the Daily Mail has said.
Cabinet members will also further discuss housing policy ahead of Chancellor Philip Hammond’s much-anticipated Budget on 22 November.
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